On November 1st, 2024, Bitcoin is expected to experience significant market dynamics due to the upcoming “halving” event, scheduled for April 2024. This halving event will reduce the rewards miners receive for verifying transactions, cutting the supply of new Bitcoins entering the market in half. Historically, this leads to increased scarcity and often a rise in Bitcoin’s price over time.
In the days leading up to November 1st, the market is expected to remain relatively stable but in anticipation of this halving event, Bitcoin’s price may see more volatility. Some analysts predict a price rally as demand rises due to the limited supply(
Blockworks
)(
Money Morning
). Additionally, increased institutional interest, particularly around Bitcoin ETFs, could further affect the market.
By early November, many investors may be positioning themselves in anticipation of the halving, possibly leading to upward pressure on prices(
Blockworks
). However, some short-term fluctuations are expected due to broader market uncertainty and Bitcoin’s status as a risk-sensitive asset(
Money Morning
